First Citizens BancShares, Inc. $FCNCA Shares Sold by Hotchkis & Wiley Capital Management LLC

Key Points

• Hotchkis & Wiley Capital Management LLC has reduced its stake in First Citizens BancShares by 1.2%, now holding 43,589 shares valued at approximately $80.8 million.
• Several institutional investors increased their holdings in First Citizens BancShares during the first quarter, with Allstate Corp raising its stake by 56.9%.
• First Citizens BancShares recently reported quarterly earnings of $44.78 EPS, exceeding estimates, alongside a dividend of $1.95 payable in September.

Hotchkis & Wiley Capital Management LLC decreased its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 1.2% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 43,589 shares of the bank's stock after selling 525 shares during the period. Hotchkis & Wiley Capital Management LLC owned about 0.32% of First Citizens BancShares worth $80,819,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. MassMutual Private Wealth & Trust FSB lifted its position in shares of First Citizens BancShares by 54.5% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank's stock worth $32,000 after purchasing an additional 6 shares during the last quarter. SVB Wealth LLC acquired a new position in First Citizens BancShares in the first quarter worth $35,000. Community Bank N.A. acquired a new stake in shares of First Citizens BancShares during the first quarter worth $44,000. Wayfinding Financial LLC acquired a new stake in shares of First Citizens BancShares during the first quarter worth $64,000. Finally, Brooklyn Investment Group raised its holdings in shares of First Citizens BancShares by 32.1% during the first quarter. Brooklyn Investment Group now owns 37 shares of the bank's stock worth $67,000 after purchasing an additional 9 shares during the period. Institutional investors own 78.01% of the company's stock.

First Citizens BancShares Stock Performance

Shares of FCNCA traded down $18.76 during trading hours on Thursday, reaching $2,013.81. 164,019 shares of the company's stock traded hands, compared to its average volume of 93,380. The firm has a market capitalization of $26.02 billion, a price-to-earnings ratio of 11.88 and a beta of 0.64. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.04 and a quick ratio of 1.04. First Citizens BancShares, Inc. has a twelve month low of $1,473.62 and a twelve month high of $2,412.93. The business's fifty day simple moving average is $1,992.79 and its two-hundred day simple moving average is $1,901.18.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings data on Friday, July 25th. The bank reported $44.78 earnings per share for the quarter, beating the consensus estimate of $39.08 by $5.70. The business had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.21 billion. First Citizens BancShares had a return on equity of 11.32% and a net margin of 16.37%. Analysts predict that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be issued a $1.95 dividend. The ex-dividend date is Friday, August 29th. This represents a $7.80 annualized dividend and a dividend yield of 0.4%. First Citizens BancShares's dividend payout ratio is 4.60%.

Analyst Upgrades and Downgrades

FCNCA has been the topic of a number of research reports. Cowen reissued a "buy" rating on shares of First Citizens BancShares in a report on Monday, July 28th. Piper Sandler set a $2,150.00 target price on shares of First Citizens BancShares and gave the stock a "neutral" rating in a report on Monday, July 28th. Citigroup boosted their price target on shares of First Citizens BancShares from $1,900.00 to $2,050.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. JPMorgan Chase & Co. boosted their price target on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Finally, Jefferies Financial Group began coverage on shares of First Citizens BancShares in a report on Wednesday, May 21st. They set a "hold" rating and a $2,050.00 price target for the company. Seven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $2,291.17.

Insider Activity

In other news, major shareholder Olivia Britton Holding acquired 409 shares of the business's stock in a transaction dated Thursday, August 7th. The stock was acquired at an average price of $1,630.00 per share, for a total transaction of $666,670.00. Following the completion of the acquisition, the insider directly owned 1,764 shares in the company, valued at $2,875,320. This represents a 30.18% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, insider Hope Holding Bryant acquired 409 shares of the business's stock in a transaction dated Thursday, August 7th. The stock was purchased at an average price of $1,630.00 per share, with a total value of $666,670.00. Following the acquisition, the insider owned 1,764 shares of the company's stock, valued at approximately $2,875,320. This trade represents a 30.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 1,494 shares of company stock worth $2,485,986 over the last 90 days. 13.40% of the stock is currently owned by company insiders.

First Citizens BancShares Profile

First Citizens BancShares, Inc operates as the holding company for First-Citizens Bank & Trust Company that provides retail and commercial banking services to individuals, businesses, and professionals. The company's deposit products include checking, savings, money market, and time deposit accounts.